NY State Senate Bill 2021-S6312

Senate Bill S6312

Signed By Governor

2021-2022 Legislative Session

Relates to the ability of the New York state medical care facilities finance agency to issue certain bonds and notes

download bill text pdf

Archive: Last Bill Status Via A7688 - Signed by Governor

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 29, 2021	signed chap.166
Jun 17, 2021	delivered to governor
Jun 08, 2021	returned to assembly passed senate 3rd reading cal.1209 substituted for s6312
Jun 08, 2021	substituted by a7688
May 24, 2021	advanced to third reading
May 20, 2021	2nd report cal.
May 19, 2021	1st report cal.1209
May 04, 2021	reported and committed to finance
Apr 21, 2021	referred to corporations, authorities and commissions

Votes

- Jun 8, 2021 - Floor Vote
  A7688
  
  63
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 8, 2021
      
      aye (63)
      
      Addabbo Jr.
      
      Akshar
      
      Bailey
      
      Benjamin
      
      Biaggi
      
      Borrello
      
      Boyle
      
      Breslin
      
      Brisport
      
      Brooks
      
      Brouk
      
      Comrie
      
      Cooney
      
      Felder
      
      Gallivan
      
      Gaughran
      
      Gianaris
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Jordan
      
      Kaminsky
      
      Kaplan
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Martucci
      
      Mattera
      
      May
      
      Mayer
      
      Myrie
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rath III
      
      Reichlin-Melnick
      
      Ritchie
      
      Rivera
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Savino
      
      Sepúlveda
      
      Serino
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Weik
  May 19, 2021 - Finance Committee Vote
  S6312
  
  22
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Finance Committee Vote: May 19, 2021
      
      aye (22)
      
      Bailey
      
      Benjamin
      
      Borrello
      
      Breslin
      
      Comrie
      
      Gallivan
      
      Griffo
      
      Harckham
      
      Hoylman-Sigal
      
      Kennedy
      
      Krueger
      
      Liu
      
      Parker
      
      Ritchie
      
      Rivera
      
      Salazar
      
      Savino
      
      Serino
      
      Skoufis
      
      Stavisky
      
      Tedisco
      
      Thomas
      
      aye wr (1)
      
      O'Mara
  May 4, 2021 - Corporations, Authorities And Commissions Committee Vote
  S6312
  
  7
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Corporations, Authorities And Commissions Committee Vote: May 4, 2021
      
      aye (7)
      
      Comrie
      
      Gaughran
      
      Martucci
      
      Mattera
      
      Mayer
      
      Ramos
      
      Skoufis

2021-S6312 (ACTIVE) - Details

See Assembly Version of this Bill:: A7688
Law Section:: New York State Medical Care Facilities Finance Agency Act
Laws Affected:: Amd §7, NYS Med Care Fac Fin Ag Act
Versions Introduced in 2019-2020 Legislative Session:: S8757

2021-S6312 (ACTIVE) - Summary

Relates to the ability of the New York state medical care facilities finance agency to issue certain bonds and notes.

2021-S6312 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S6312

SPONSOR: COMRIE
 
TITLE OF BILL:

An act to amend the New York state medical care facilities finance agen-
cy act, in relation to the ability to issue certain bonds and notes

 
PURPOSE OF THE BILL:

This bill would increase the authorization of the Dormitory Authority of
the State of New York ("DASNY"), as successor to the New York State
Medical Care Facilities Finance Agency ("MCFFA") pursuant to the Health
Care Financing Consolidation Act of 1995, to issue hospital and nursing
home project bonds and notes from $16.6 billion to $17.4 billion.

 
SUMMERY OF PROVISIONS:

Section one of this bill would amend the MCFFA Act to increase DASNY's
authorization to issue hospital and nursing home project bonds and notes
from $16.6 billion to $17.4 billion.

Section two of the bill would make it effective immediately.

 
JUSTIFICATION:

Under current law, DASNY is authorized to issue to issue hospital and
nursing home project bonds and notes in the amount of $16.6 billion.
DASNY issues bonds for purposes including funding mortgage liens or
project loans to not-for-profit hospital and nursing home corporations.
Some of the bonds issued for DASNY's hospital and nursing home clients
are issued under the MCFFA Act. Bonds issued pursuant to the MCFFA Act
arc subject to the current hospital and nursing home project bond
authorization cap in the MCFFA Act of $16.6 billion. This authorization
was most recently increased by $800,000,000 in 2018. It was also
increased by $800,000,000 in 2009 and 2011.

As of January 30, 2020, DASNY has sold and closed bond transactions
pursuant to this authorization in the amount of $15,874,787,602.
Approximately $560 million of capacity under the existing statutory
limitation is available for other transactions. Over the past few years
DASNY has seen increased activity in the bond market, in terms of the
number and size of the transactions. This 'bill is necessary to ensure
that DASNY has sufficient capacity to support additional healthcare
projects as they seek financing.

Although DASNY cannot predict the timing- of future financings, DASNY
is. seeking additional bond cap authorization now to ensure it may
adequately respond to any future needs of its private not-for-profit
health-care clients on a timely basis.

 
LEGISLATIVE HISTORY:

This is a new bill. In 2009, the MCFFA bond cap was increased from $14.2
billion to $15 billion (Chapter 238 of the laws of 2009). The MCFFA bond
cap was increased from $15 billion to $15.8 billion in 2011 (Chapter 516
of the laws of 2011). In 2018, the MCFFA bond cap was increased from
$15.8 billion to $16.6 billion (Chapter 183 of the laws of 2018).

 
BUDGET IMPLICATIONS:

The bill has no implications for the state budget.

 
EFFECTIVE DATE:
This bill would take effect immediately.

2021-S6312 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6312
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 21, 2021
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 AN ACT to amend the New York state medical care facilities finance agen-
   cy act, in relation to the ability to issue certain bonds and notes

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (b) of subdivision 1 of section 7 of section 1 of
 chapter 392 of the laws of 1973, constituting the New York state medical
 care facilities finance agency act, as amended by  chapter  183  of  the
 laws of 2018, is amended to read as follows:
   (b) The agency shall not issue hospital and nursing home project bonds
 and  hospital  and  nursing home project notes in an aggregate principal
 amount exceeding [sixteen] SEVENTEEN billion [six] FOUR hundred  million
 dollars,  excluding hospital and nursing home project bonds and hospital
 and nursing home project notes issued to refund outstanding hospital and
 nursing home projects bonds and hospital and nursing home project notes;
 provided, however, that upon any such refunding or repayment  the  total
 aggregate  principal  amount  of outstanding bonds, notes or other obli-
 gations may be greater  than  [sixteen]  SEVENTEEN  billion  [six]  FOUR
 hundred  million dollars only if the present value of the aggregate debt
 service of the refunding or repayment bonds, notes or other  obligations
 to  be  issued  shall not exceed the present value of the aggregate debt
 service of the bonds, notes or other obligations so to  be  refunded  or
 repaid.  For  purposes  hereof, the present values of the aggregate debt
 service of the refunding or repayment bonds, notes or other  obligations
 and  of  the  aggregate  debt service of the bonds, notes or other obli-
 gations so refunded or repaid, shall  be  calculated  by  utilizing  the
 effective  interest  rate  of the refunding or repayment bonds, notes or
 other obligations, which shall be that rate arrived at by  doubling  the
 semi-annual   interest  rate  (compounded  semi-annually)  necessary  to
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD10972-01-1

 S. 6312                             2
 
 discount the debt service payments on the refunding or repayment  bonds,
 notes or other obligations from the payment dates thereof to the date of
 issue  of  the  refunding or repayment bonds, notes or other obligations
 and  to  the  price bid including estimated accrued interest or proceeds
 received by the agency including estimated  accrued  interest  from  the
 sale  thereof.  The  agency  shall  not  issue hospital and nursing home
 project bonds at any time secured by the hospital and nursing home capi-
 tal reserve fund if upon issuance, the amount in the hospital and  nurs-
 ing home capital reserve fund will be less than the hospital and nursing
 home capital reserve fund requirement, unless the agency, at the time of
 issuance  of  such  bonds,  shall  deposit in such reserve fund from the
 proceeds of the bonds so to be issued, or  otherwise,  an  amount  which
 together  with  the  amount  then in such reserve fund, will be not less
 than the hospital and nursing home capital reserve fund requirement.
   § 2. This act shall take effect immediately.

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